IoT Chip Market to Grow with a CAGR of 5.19% through 2028
Growing demand
for low-power and energy-efficient chips and increasing demand for
high-performance chips are likely to drive the market in the forecast period.
According to
TechSci Research report, “IoT Chip Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global IoT
Chip Market stood at USD 357.60 billion in 2022 and is anticipated to grow with
a CAGR of 5.19% in the forecast period, 2024-2028. One
of the primary drivers of the global IoT (Internet of Things) chip market is
the widespread proliferation of IoT applications across various industries. IoT
technology is being adopted in sectors ranging from healthcare and agriculture
to manufacturing and transportation. These applications require IoT chips to
enable connectivity, data processing, and communication between devices. As
more industries embrace IoT to enhance efficiency, automation, and data-driven
decision-making, the demand for IoT chips continues to surge. For instance, in
healthcare, IoT chips are used in wearable devices that monitor patients'
health remotely, improving healthcare outcomes and reducing hospitalization. In
agriculture, IoT sensors equipped with chips provide real-time data on soil
conditions and weather, optimizing crop yields. In smart cities, IoT chips
power intelligent transportation systems, waste management, and
energy-efficient infrastructure. The diversification of IoT applications drives
innovation in IoT chip development, with manufacturers creating specialized
chips tailored to specific industry needs. As IoT adoption continues to grow,
the global IoT chip market is expected to expand significantly.
Advancements
in connectivity technologies represent another major driver of the global IoT
chip market. IoT devices rely on various communication protocols to connect and
share data, and the evolution of these protocols significantly impacts IoT chip
development and adoption. Two notable advancements are driving this market:
5G
Connectivity: The rollout of 5G networks is revolutionizing IoT connectivity.
5G offers higher bandwidth, lower latency, and massive device connectivity,
making it ideal for IoT applications. IoT chips designed for 5G networks enable
faster and more reliable data transmission, unlocking new possibilities in
areas like autonomous vehicles, smart cities, and industrial automation.
Low-Power
Wide-Area Networks (LPWANs): LPWAN technologies like LoRaWAN and NB-IoT provide
long-range, low-power connectivity for IoT devices. These technologies enable
IoT chips to operate on battery power for extended periods, making them
suitable for remote monitoring and tracking applications in agriculture,
logistics, and environmental sensing.
As
IoT devices become more data-intensive and require reliable and efficient
connectivity, IoT chip manufacturers are investing in the development of chips
that leverage these advanced connectivity options. The availability of 5G and
LPWAN connectivity solutions enhances the capabilities of IoT devices and
drives the growth of the global IoT chip market.
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"Global IoT Chip Market.”
The Global IoT
Chip Market is segmented into hardware, application and region.
Based on hardware.
The Sensors segment had the largest market share in 2022 & expected to
maintain in the forecast period. Sensors are becoming smaller and more
energy-efficient, enabling their integration into compact IoT devices. This
trend supports the development of wearables, smart home gadgets, and portable
medical devices. IoT devices often require multiple sensors to collect diverse
data types. Multi-sensor integration enhances the capability of IoT devices to
monitor and respond to various environmental conditions. Many IoT sensors are
now equipped with wireless connectivity (e.g., Bluetooth, Wi-Fi, or LPWAN),
allowing seamless data transmission to other devices or the cloud. Sensors
equipped with processing capabilities enable edge analytics, where data is
analyzed locally, reducing the need for constant data transmission to central
servers. Energy-harvesting sensors are designed to derive power from their
environment, reducing reliance on batteries and increasing device lifespan.
Based on the application,
The Banking Financial Services and insurance segment had the largest market
share in 2022 and is projected to experience rapid growth during the forecast
period. The BFSI (Banking, Financial Services, and Insurance) sector has been a
prominent adopter of IoT (Internet of Things) technology, and the use of IoT
chips within this industry is a crucial aspect of its digital
transformation. IoT chips in ATMs
provide real-time data on cash levels, maintenance needs, and customer usage patterns.
This data allows banks to optimize ATM deployment, reduce downtime, and ensure
that ATMs are always stocked with cash. IoT sensors in bank branches track
customer foot traffic and behavior. Banks can use this data to redesign
branches for improved customer flow and offer personalized services based on
individual preferences. IoT-enabled smart cards provide added security through
features like biometric authentication and contactless payments, improving the
convenience and security of banking transactions. IoT chips in surveillance
cameras enable real-time video monitoring, facial recognition, and
event-triggered alerts. This enhances physical security at bank branches, ATMs,
and cash-handling facilities.
Major companies
operating in Global IoT Chip Market are:
- Qualcomm Technologies, Inc
- Intel
Corporation
- MediaTek
Inc
- Samsung
Electronics
- STMicroelectronics
International N.V
- NXP
Semiconductors N.V.
- Texas
Instruments
- Renesas
Electronics Corporation
- Infineon
Technologies AG
- Broadcom
Inc.
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“The Global IoT
Chip market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. IoT devices are typically
battery-powered, so the demand for low-power and energy-efficient chips is
increasing. This is driving the development of new chip technologies, such as
CMOS and RF. Some IoT devices require
high-performance chips, such as those used in autonomous vehicles and medical
devices. This is driving the development of new chip technologies, such as GPUs
and FPGAs. IoT devices are vulnerable to
cyberattacks, so the demand for secure chips is increasing. This is driving the
development of new chip technologies, such as those that use cryptography and
security features. Therefore, the market of IoT Chip is expected to boost in
the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“IoT Chip Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Hardware
(Processors, Sensors, Connectivity ICs, Memory Devices, Logic Devices), By Application
(Healthcare, Consumer Electronics, Building Automation, Industrial, Automotive
and Transportation, Banking, Financial Services, and Insurance (BFSI),
Agriculture, Retail, Oil and Gas), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global IoT Chip Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global IoT Chip Market.
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